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In Need

The Duke Of Marshall

The Duke Of Marshall

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I'm really in dire need to buy the house I'm living in. Due to the way the land is setup the banks refuse to give me a loan. It's about to get to the time where I'm going to lose it if I can't find the money. And it doesn't look good. So right now I'm just asking for some prayer. I don't normally stress over a lot of things, but this for some reason has gotten to me.
 
We pray God helps as you requested. Will the present owner carry the loan? (contract for deed or extend if that is what you already have) Also, since prices are down, you might find you are concerned about losing equity that does not exist anyway. (if there is no equity involved then the main negative is moving expense and trouble.) And also since prices are down, perhaps looking elsewhere might uncover another interesting home. Point out to whoever is the main holder that your payment is based on a figure that was calculated/sold originally from a higher value and that not working with you will/might cause them to deal with someone else in a depressed market and a monthly lease/payment amount that would be lower then with you. You mentioned a problem with "the way the land is set up" I am not sure what this means, but this problem would need disclosed to whoever would be interested in the property after you leave and so they would have the same problem and this would limit the number of new people attracted. Since you are obviously interested in staying there, then use your 'being interested' as a selling point. (And purchasers do sometimes need to sell themselves into a deal).

If you are just renting the property then the landlord/owner has no desire to have vacant property in a recession. There are fewer potential renters with jobs as everyone is moving in with their relatives and friends. They should be willing to talk.
 
Welltan seems to know his stuff but I will add a few tidbits, the first is that I am assuming that your lot is landlocked or accessed over an easement. If this is so then your seller has almost no hope of getting it financed in the immediate future anyway. He either owner finances it or he doesn't sell it. The other is that there are people in many places who will do private financing. They hold the note and if you don't pay they will forclose. The land usually has to be a great deal though and marketable because they operate under the assumption that you will default. They also require a downpayment most times. Locate a long term real estate agent with deep roots in your area. If there is someone around there who likes to do that (I am betting there is considering the area) they will know. The agent is probably going to find a way to get themselves a slice but it won't be huge and probably worth it to you.
 
The real estate advice offered sounds good. But I gather you've got good reasons why you need to stay right there, such as having invested a lot of yourself into that property.

So I'm simply joining you in laying claim to God's promises to provide ALL your needs, to prosper you and not harm you and, in blessing you, to bring you wealth without adding trouble to it. He said it and His word cannot fail. He cannot say No to a promise regarding which He has already said Yes.

So the solution is there. Just keep looking for it, and we'll also ask for wisdom on yopur behalf, both to find it and to immediately recognize it when it appears.

We love you, man!

C&C
 
Dear Todd,

I've owned two mortgage companies myself in the past. I'm also a strong believer in God's Word. Coming from my perspective I see two very good suggestions coming from Zephyr and Cecil combined. I would suggest follow zephyr's advice in taking natural steps and most of all, following Cecil's advice in that "what God has already said yes to, you cannot be denied." Feel free to PM me to dissect the land situation further if you wish.

Standing in faith with you in expectation of good news.

Bowbe4him
 
I pray that the Lord open doors that were previously shut and that the enemy have no ground over what Christ has already given to you as an inheritor of the kingdom. That new and creative ways to finance for you open up. That right now, the Lord fill you with His peace and give you clarity on His open paths for you to take in this. That the Lord's truth continues to be spoken, no matter what it looks like in the natural. That the Lord continue to give you the courage and strength to profess His truth in the situation. And that the Lord continue to fill you with hope. Yes, hope, in Jesus name.

Fine Jade
 
Thanks for everyone's prayers and responses. I would have explained more in the first post, but it's not that easy to put up a post using your phone. Especially a touch screen. So here's the further details:

I've lived in this house and on this land for the past 3.5 years. It was my grandpa's old place and when he had to go into the nursing home permanently I was told that I could move in for no rent. I just had to keep the place up, pay the utility bills and what not, and pay the property tax every year. Well my grandpa died two years ago and it was at least a year before we could do anything with the estate. My dad and uncle didn't want to sell the property to anyone else, but would allow me to buy it for whatever the nursing home/medicare bills were. They didn't even want to make a profit. So several months ago I started talking to the banks about getting a loan/mortgage to buy this place. I could get a loan/mortgage from my credit no problem. The problem is the way the land is setup. Or rather the house. The house was originally a single wide, but it has been modified and added onto so much over the years that you can't even tell it used to be a single wide. Unfortunately the county still classifies it as a single wide and there is absolutely NO bank that would give me a loan due to that fact. Even Bill Gates couldn't get a loan for this place. There's a little over 3 acres of land here with the house too, but the banks wouldn't even do a land only mortgage because there was a "dwelling" on the land. The bills owed were right under $50K. So it's really a good buy. The state and nursing home were really close to calling default on the bills and putting the place up for sale on the courthouse steps. Fortunately later this week we were able to finally work something out. My mom was able to go and get a loan with her CD's as collateral. So she's going to use that money to pay off all the bills and then do a personal finance back to me. The term is based on 30 years and the payments are $276 a month. You can't find an apartment or house to rent around here or anywhere that I know of for that cheap much less a house and three acres of land. Plus with the payments being so low it'll be easy to make larger payments and get the loan paid off even quicker.

So praise be to Yahuweh for providing yet again!! I was doing my best to have faith earlier this week, but it just really got to me to think that I was going to be losing this place.
 
Find out this (this is what my parents did with their double wide)... If you BRICK around the bottom where the skirting would go, in some cases, it makes it considered a "permanent" foundation which changes the status of the dwelling itself. Find out if you bricked it up would they consider it permanent and thus give you the mortgage. If so, then buy some pallets of bricks and mortar and have a big ole' brick up the house party.

Becca
 
beccablue said:
Find out this (this is what my parents did with their double wide)... If you BRICK around the bottom where the skirting would go, in some cases, it makes it considered a "permanent" foundation which changes the status of the dwelling itself. Find out if you bricked it up would they consider it permanent and thus give you the mortgage. If so, then buy some pallets of bricks and mortar and have a big ole' brick up the house party.

Becca
Click to expand...

lol, That's actually how we built the deck on my parents house. We invited all our friends over and had a fish fry.

Actually the house is blocked up all the way around underneath and a basement has even been added under it as well. The lady at the bank said it had something to do with how the house was setup "underneath". Like how it was sitting on the footers. I never did completely understand what she was saying about that. It might be something to look at in the future, but luckily right now everything is settled.

We had thought about dividing the property up into two deeds. 2.5 acres without a house and .5 acres with the house and then just get a land only mortgage with the part that didn't have the house. Unfortunately though the surveyor will inquired with said it would take about $11K to get that done.
 
Thanks for the good news!
Since you have made alterations on the single-wide that is a serious problem in today's market and in years past. You may want to look into getting a new manufactured home (they will have their own in-house financing for these types of issues) and replace the old single-wide while you have some breathing room now.
Just a thought.
 
bowbe4him said:
Thanks for the good news!
Since you have made alterations on the single-wide that is a serious problem in today's market and in years past. You may want to look into getting a new manufactured home (they will have their own in-house financing for these types of issues) and replace the old single-wide while you have some breathing room now.
Just a thought.
Click to expand...

Very true! And that's what me and my fiance have already talked about in the future. It's just great right now to just get the LAND for a such a good deal. That's a little more than $16K an acre. Plus the house. But in the future we definately plan to upgrade the digs.
 
Glad for your good news. He does come through!

And, while we're celebrating with some of Zephyr's Jameson *grin* let me add my own off-the-wall suggestion:

Goto www.cobcottage.com, learn something about building with cob (a free material, most of which you already have in abundance), and then host a week-long biblical families cob house building retreat, and just plain build a new unique custom home for just about nothing. Energy efficient, too. AND both easy and cheap to add onto as your family grows.
 
Wow, Cecil. That is rather........................non-traditional. I remember reading about these in the Laura Ingles Wilder books when they built a barn. Would definately love to learn about building these. Wonder how electrical and such would work?
 
The Duke Of Marshall said:
Wow, Cecil. That is rather........................non-traditional. I remember reading about these in the Laura Ingles Wilder books when they built a barn. Would definately love to learn about building these. Wonder how electrical and such would work?
Click to expand...

I don't know about Laura Ingles Wilder. I think those were sod houses, not cob. A different medium entirely. The cob technique comes from Wales, where houses built using it have been continuously inhabited for 600+ years!

It was brought to the US by a group out in Oregon about 15 years ago. They conduct workshops where you can go spend a week and learn basically what you need to learn, or you can spend a season (April-October or so) and apprentice, coming away with mastery.

After this many years, they've basically got a village built. It is worth the trip just to see it.

One home that they used to mention on the website was built by a single mom and her 6 or 9 year old daughter over a summer.

Wiring and plumbing are easy, they just have to be planned for ahead of time. You are basically stacking up and working together chunks of mud, sculpting monolithic walls, doors, windows, nooks, shelves, etc. Nothing difficult about running wire through that as you go.

Here's the fun part ... as far as building codes go, you haven't built with building materials, so they often won't acknowledge the presence of a building. Legally and for tax purposes, you have a "pile of dirt"! Of course, it keeps you warm in the winter, cool inthe summer, and inspires "ooohs" and "aaaahs" from everyone who visits, but ... it's just dirt.
 
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